TRID protection tool introduced

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The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings.

Ernst, a provider of technology and closing-cost data for the real estate and home finance industries, has launched Date Forward, a tool that allows lenders to accurately disclose closing costs to borrowers even if the fees are scheduled to change before the closing date.

Date Forward, which seeks to protect lenders from TRID violations, estimates fees accurately as of the expected closing date and not just the application date.

Through the combination of Ernst’s monitoring program and its date forward calculator, the company is able to validate for the lender and title closing agent whether the anticipated fee change actually went into effect.

"Fees change all the time. Last year we saw over 12,000 fee changes, a record high from previous years," Ernst President and CEO Gregory Teal said. "This exposes the lender to significant risk, especially in a purchase money environment where taking the time to redisclose is subject to the three-day change of circumstance requirement. Not redisclosing means lender cures. Date forward gives the lender the confidence to disclose the fees accurately from their first quote, even if they will change before the loan gets to the closing table."